How do you choose the best exchange for crypto trading?

Oasisman

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

Legitimacy, volume of trades, withdrawal fees, customer support, and simple and easy to navigate trading platform.

Those are some of the most important characteristics of a good trading platform/exchange. One of the most effective ways to identify this exchange is to look for their reviews in the internet, or If you are suddenly become interested into a certain exchange, you could always ask the community about it. Or If you're planning to build your own, you can take note of what I have mentioned above.

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

Best exchanges will be very few in numbers no matter how much exchanges were available for trading.Overall exchange's reputation,fee structure, customer support will play major role for someone to choose an exchange.

Johnyz

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

Don’t stress yourself, the crypto exchange ranking says it all and the top choice is Binance which is very true and worth to try. If the token you are looking for is not available on Binance, then look for it on CMC and transfer that token or your profit to your best exchange so you can be more secured. I just follow the rules of trading especially in cryptomarket, don’t hold too much on exchanges that’s risky just do a buy and sell method.

Tigerheart3026

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i verify the good exchange by giving priority to some characteristics.
1. Easy accessibility: i seen many exchange here we can't browsing shortly. i get annoyed when I have to wait a long time to open dashboard.
2. Customers support: i like live support but it is not available in most exchanges.
3. Credibility: strong feedback in the community.

sulendra12

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People tend to forget that customer support is a must on an exchange. Just a reminder that your trading journey won't run smooth in the future, you might find the problems such as pending withdrawal, missing tokens, bugs, etc. If they have really poor customer supports, you probably just fed up with these issues over and over again.

Look at Yobit, their customer supports suck balls and as the time goes their reputation is slowly going down because of how much the issues you can find on that exchange. That's just an example of tons of the bad exchanges out there.

sujonali1819

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

1. Good reputed exchange you may find some articles about best crypto exchange, also you can find some topic about it in this forum
2. Deposit/withdrawal speed
3. User-friendly
4. KYC is not mandatory (KYC mandatory it's not mean they are scam)

That means first you need to use some suggested exchange and then start to investigate to find better one by yourself.

goaldigger

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

Since there’s so many hacking incidents all over the crypro exchange, my main concern now is their reputation and how they protect the users from those hackers and most importantly, i want to trade on a exchange where KYC is not a mandatory requirement, and this is Binance. I know this is too obvious to deal with the top exchange but if you want to explore more, go at least to the top 10 cryptoexchange. I don’t have any standard when it comes to exchanges, I just want to be secured and trade normally since I didn’t used any services they offered to us aside from spot trading.

tippytoes

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Quote from: cabron on October 28, 2020, 10:42:36 AM

If you are in this forum for awhile and have read users suggesting binance because they are trusted, its likely that you will also be signing up an account to binance.
For the bounty hunters case, it vary to which exchange their reward tokens are going to be listed. When the token is listed to many exchanges including binance, there'd be no reason to sign up for an account elsewhere.

One reason that I am confident using Binance is their SAFU (https://academy.binance.com/en/glossary/secure-asset-fund-for-users). So no matter what, they can always replace your funds in case hacking happened. Also, what I like about this exchange is the liquidity, you don't have to wait for hours or days just to complete your order and their withdrawal fees are relatively cheaper than other exchanges. But of course, if the coin or token is not available in this exchange, you can use other exchanges, but make sure to withdraw your funds as soon as you finished the trading.

Eureka_07

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One of the first thing to consider when choosing where to trade is ofcourse the reputation of that exchange that you are planning to trade your funds with.
The safety of your coins, and you ofcourse should come first before anything.
Do not think of the profit, think about the security of your investments first, next will be the security of your potential profits.
And for the fees, I think it's best to chose those has lower fees, yet reputable and have fine trading volume.
The withdrawal fees are also to consider, you don't want to pay high for just a withdrawal request.

cabron

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If you are in this forum for awhile and have read users suggesting binance because they are trusted, its likely that you will also be signing up an account to binance.
For the bounty hunters case, it vary to which exchange their reward tokens are going to be listed. When the token is listed to many exchanges including binance, there'd be no reason to sign up for an account elsewhere.

samcrypto

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

There’s a lot of good crypto exchange in the market but mostly I trade on Binance where I found my peace of mind. I always look at the reputation of the exchange and of course the terms and conditions or the policy of the specific exchange, if I’m not satisfied with it I still ended up using Binance.

If there’s a new token, I usually wait them to get listed on good exchange before I sold it since small exchanges are pure of fake volume and I don’t want to lose money on that. Exchanges are vulnerable to hackers, even Binance got hacked but they handle it successfully having their own back up plan, which impressed me honestly.

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

The first thing I look for when I want to choose an exchange Is find out who is the owner of the exchange, where the exchange is located

then I try to find out if there are scam cases and how they were solved and what were the main problems that people had.

the third thing I do is to see the exchange interface if it is good or not

the fourth thing I try to know is about whether it has good volume and if it has currencies that I like to trade and what are the withdrawal rates

and fifth thing I want to know is about the security of the exchange and if there is KYC for withdrawal limits

teosanru

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

Reputation is the most important thing you should look in an exchange. Many Crypto exchanges end up as scam so make sure you use those Crypto exchanges which are vouched by a lot of persons. After this the second most important things is number of coins/tokens listed. If you just want to buy major cryptocurrencies you would find them on any exchange but if you trade in various varities of token then preferably go for exchanges which have lot of different coins listed. Then another important thing is the interface you need to ensure there are no glitches in buy/sell mechanism of these exchanges. So here is your order of preferences:
1. Reputation
2. Security
3. Number of listed tokens
4. Interface
5. Feel

masulum

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hmph..

For me, I have several criteria to choose:

First, I will choose exchange that available to withdraw to my bank accounts, because I'm living in country that not accept Bitcoin or crypto as payment, so i need to follow government rules. that why i will prefer to choose a crypto exchange that support withdrawal to my bank account directly.

second, security and privacy

third, User interface and loading time

fourth, volume, maybe we can trapped on fake volume at least we can try to make a research to find any information about their real trading volume.

fifth, easy to contact when we got a problem

Insanerman

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

It's not really that hard to choose the best exchanges suitable for everyone. Even a single google search can give you enough results. Here's what I've found upon searching on google with the keywords "crypto exchange platform"
Best Crypto Exchanges of 2020 - Investopedia

Meanwhile, if you would read it, better not fully invest on the top just because of what you've searched. I basically suggest Binance even for beginners if you would try to trade cryptos. But still, people has their own different tastes and different levels of satisfaction. Hence, one might not be suitable for you while it does to some.

Kupid002

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Quote from: jemimah_f3 on October 28, 2020, 05:35:05 AM

There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

If that exchange is trusted by many users , have good daily volume and never list any shit coins or scam coins in thier exchange .

If you are first timer trader go on only on popular crypto exchange in your country or popular in many country like binance as one of the example.

I don't say other is not good exchange but you are the one who need to experience to use that' exchange. and check it for your self and you will see the difference.

jemimah_f3

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There are thousands of crypto-exchanges out. What characterstics and features are the most important to look for when selecting best exchange for trading.

Topic: How do you choose the best exchange for crypto trading? (Read 104 times)